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Latino Daily News

Tuesday June 4, 2013

Carlos Slim’s Mexican Mining Operations Shut Down Due to Labor Disputes

Carlos Slim’s Mexican Mining Operations Shut Down Due to Labor Disputes

Photo: Minera Frisco - Carlos Slim Helu

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Minera Frisco, which is owned by Mexican billionaire Carlos Slim, said it halted operations at the El Coronel, San Francisco del Oro and Minera Maria mines due to labor problems.

El Coronel is dealing with a labor dispute, while the other two mines have been hit by strikes, Frisco said in a filing with Mexican securities regulators.

Operations were halted at El Coronel, which is in Zacatecas state and produces bars made of mixed gold and silver, due to a conflict involving the majority of the mine’s 750 workers, who belong to the Revolutionary Confederation of Workers and Peasants, or CROC, and a dissident group, the company said.

San Francisco del Oro, located in the state of Chihuahua, and Minera Maria, which is in Sonora, were hit by strikes after the collective bargaining process broke down.

The strike at San Francisco del Oro, which produces silver and gold, started on May 15, while workers walked off the job last Saturday at Minera Maria, a copper mine, claiming the union contract had been violated by management.

“Operations continue normally” at six other mines, Frisco said.

Minera Frisco was founded in 1962 and acquired by Slim in 1984.

The company was a unit of Slim’s Grupo Carso and Grupo Condumex until 2011, when it was spun off and listed separately on the Mexico City Stock Exchange.